No, the EU is not going to lift its ban on arms sales due to its risk.

No matter what trade and other partnerships that the EU is forming with China, it is not going to break its ban on selling arms to the nation due to the risk it could pose on the countries in the EU altogether. The safety hazards that all countries could suffer are justification enough to not provide arms to China.

Arms don't equal peace

The idea that the EU needs a strategic partnership with China, in sacrifice of its principles and commitments to human rights and democracy, is simply obscene. What this is really about is certain European corporations want to have greater access to the cheap and repressed labor pool of China, so they want greater official ties between the two bodies.